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Following
BTC Bitcoin (BTC) rebounded slightly from a weekly low on Thursday after the U.S. producer price index (PPI) cooled slightly in July.
Highlights
U.S. PPI data boosted U.S. stocks, and Bitcoin avoided further decline.
The Cleveland Fed Chairman maintains a hawkish stance on the outlook for interest rate policy.
Bitcoin long liquidation makes US$61,000 a key observation level.
July PPI continued the cooling trend of US inflation.
BTC/USD rose by about 0.5% on the day to close to US$63,900, with a general lack of volatility, data showed.
BTC/USD One-hour chart.
According to data from the U.S. Bureau of Labor Statistics (BLS), the U.S. producer price index (PPI) was flat at 0.2% month-on-month in July, rising 4.7% year-on-year, lower than the expected 4.9%. The U.S. Bureau of Labor Statistics released a report saying: "In July, the final demand services index rose 0.2%, and the final demand construction price index rose 2.2%, offsetting the 0.7% decline in the final demand goods index." "Falling gasoline and energy prices provide the biggest relief," analysts noted.
Monthly percentage change in U.S. PPI.
U.S. stocks rose at the open on Wall Street as PPI further cooled market bets on expectations of a Fed rate hike. As of press time, the S & P 500 index and the technology-dominated Nasdaq Composite Index were up 0.87% and 0.94% respectively. The Chicago Mercantile Exchange Group's FedWatch tool shows a 65.6% probability that Fed policymakers will maintain interest rates at their current 3.50-3.75% level at the September Federal Open Market Committee meeting. Wednesday's July consumer price index (CPI) data was in line with expectations and had boosted expectations of a pause in interest rate hikes.
Comparison of probability of target interest rates at the Federal Reserve's September FOMC meeting (screenshot).
Fed officials continue to be cautious about policy after their biggest disagreement over the path of interest rates in July since 1970. At an event at the Kettering and Dayton Area Chamber of Commerce in Ohio, Cleveland Fed President Beth Hammack questioned whether even the recent cooling data would be enough to bring inflation down to the Fed's 2% target. "Maybe we will eventually reach our goal, but if it takes another three to four years, is that acceptable? Is this enough?" Hamak was one of three officials who voted in July for a 0.25 percentage point rate hike.
Bitcoin faces US$61,000 long liquidation
As bitcoin price movements remain within a narrow range, market participants are focusing on extreme levels. Rafael Schulz-Craft, co-founder of online analytics platform Glassnode, said that if the price reaches $61,000, there will be a surge point. He wrote in an X post on Tuesday: "Long liquidation risks around $61,000 have accumulated over the past few weeks. If we fall there, I expect forced selling to add to the downward trend." It was previously reported that $63,000 is forming another key bitcoin price level as repeated testing increases the possibility of a loss of support.
Bitcoin futures clearing heat chart.
